Hunan Unveils 14th Five-year Plan for Commerce and Open Economy Development

Recently the Hunan government has unveiled a plan to promote commerce and open economy during the 14th Five-year Plan period (2021-2025). The Hunan Provincial Department of Commerce interpreted the plan on October 29.

The Hunan Provincial Department of Commerce stated that, based on an objective analysis of various issues in the development of Hunan's commerce and open economy, the plan matches with the Ministry of Commerce's commerce development plan during 14th Five-Year Plan period and the Outline of the 14th Five-Year Plan (2021-2025) for Hunan Provincial Economic and Social Development. The plan highlights the building of Hunan into a hub of reform and opening up in inland regions and formulates development goals for the next five years. By 2025, new achievements will be made in building a strong consumer market; new breakthroughs in establishing high-quality development mechanism will be made; and, new situation in pursuing high-level opening-up will be created. Main indicators of commerce and open economy will be increased substantially, and some will be doubled. A hub of reform and opening up in inland regions will be initially established.

The plan clarifies seven key tasks, including:
- build a strong consumer market;
- propel innovative development of foreign trade;
- promote high-quality "bringing in";
- accelerate high-level "going out";
- expand port platforms and major international logistics channels;
- facilitate the construction of China (Hunan) Free Trade Pilot Zone; and,
- create a new highland for China-Africa economic and trade cooperation.

To this end, six measures were put forward, including:
-- uphold the CPC’s overall leadership;
-- optimize business environment;
-- strengthen policy support;
-- cultivate business talents;
-- promote smart business construction; and,
-- improve planning implementation mechanisms.

It took one year to compile the plan, according to the Hunan Provincial Department of Commerce. The plan aims to facilitate the building of a new development diagram, the implementation of the Three Highlands and Four New Missions Strategy, and the innovation of high-quality life. It reflects the business positioning of the new development stage, the strategic requirements of building a highland of reform and opening up in inland regions, and the underlying principle of pursuing progress while ensuring stability.

Source: enghunan.gov.cn